Booking Holdings (BKNG) Company Report

Booking Holdings priced two euro-denominated senior notes: €750 million of 3.000% notes due 2030 and €750 million of 3.625% notes due 2035, with settlement on November 7, 2025.
The 2030 notes were sold at 99.604% of par, and the 2035 notes at 98.602% of par, reflecting respective coupons of 3.000% and 3.625%.
The offering was led by Citigroup, Deutsche Bank, Goldman Sachs, HSBC and J.P. Morgan, with total allocations of €750 million for each series.
The 2035 notes are callable at 100% of principal from August 7, 2035 (par call), with make-whole redemptions permitted earlier at the greater of par or the discounted present value of remaining payments plus 20 bps.
U.S. Bank Trust Company, National Association serves as trustee (authenticating agent, registrar and transfer agent), and U.S. Bank Europe DAC, UK Branch is the paying agent.

Nov 7, 2025, 9:30 PM

8-K

Booking Holdings reports Q3 2025 results

BKNG

Earnings

Guidance Update

Q3 room nights of 323 million (+8%), gross bookings of $50 billion (+14%), revenue of $9 billion (+13%), Adjusted EBITDA of $4.2 billion (+15%) and adjusted EPS up 19% year-over-year.
Q4 guidance for room nights +4–6%, gross bookings +11–13%, revenue +10–12% and Adjusted EBITDA of $2.0–2.1 billion; full-year 2025 targets raised to room nights +7%, gross bookings +11–12%, revenue +12%, Adjusted EBITDA +17–18% and adjusted EPS +20%+.
Progress on platform strategy with connected-trip transactions up mid-20% and now ~low-double-digit share of total bookings ; alternative accommodations listings at 8.6 million (+10%) ; and rollout of generative AI tools including the ChatGPT App Store integration to boost customer and partner engagement.

Oct 28, 2025, 8:30 PM

Transcript

Booking.com reports Q3 2025 results

BKNG

Earnings

Guidance Update

Room nights rose 8% YoY to 323 million, gross bookings grew 14%, revenue increased 13%, adjusted EBITDA reached $4.2 billion (+15%) and adjusted EPS climbed 19%.
Connected trip transactions were up mid-20% YoY and now constitute a low double-digit share of total transactions; flights grew 32% and attractions nearly 90%; Genius loyalty members (>30% of active base) accounted for mid-50% of room nights, while alternative accommodations grew 10% to 36% of mix.
Q3 free cash flow was $1.4 billion; the transformation program delivered over $225 million in savings YTD (full run-rate $500–550 million) and the company returned capital via ~$700 million in share buybacks, $300 million in dividends, and $1.5 billion of debt redemptions.
Q4 guide: room nights +4–6%, gross bookings +11–13%, revenue +10–12%, adjusted EBITDA of $2.0–2.1 billion; FY 2025 outlook raised to gross bookings +11–12%, revenue +12%, adjusted EBITDA +17–18%, and adjusted EPS ~+20%.

Oct 28, 2025, 8:30 PM

Transcript

Booking Holdings reports Q3 2025 results

BKNG

Earnings

Guidance Update

Booking Holdings delivered 323 million room nights (+8% YoY), $50 billion gross bookings (+14% YoY), and $9 billion revenue (+13% YoY), driving $4.2 billion adjusted EBITDA (+15% YoY) in Q3 2025.
Merchant gross bookings grew 26% YoY, totaling $123 billion over the last four quarters (68% of total gross bookings), while flight ticket bookings rose 32% and attraction tickets neared 90% growth.
Achieved $70 million in-quarter savings from its transformation program, enabling $450 million of annual run-rate savings to date and raising full-program run-rate savings outlook to $500–550 million.
Issued Q4 guidance: room nights +4–6%, gross bookings +11–13%, revenue +10–12%, and adjusted EBITDA of $2.0–2.1 billion; raised full-year 2025 expectations to gross bookings +11–12%, revenue +12%, adjusted EBITDA +17–18%, and adjusted EPS >20%.

Oct 28, 2025, 8:30 PM

Transcript

Booking Holdings announces Q3 2025 results

BKNG

Earnings

Dividends

Share Buyback

Reported third-quarter revenue of $9.0 B, up 13% year-over-year, and gross bookings of $49.7 B, up 14% (10% constant currency).
GAAP EPS was $84.41, up 14%, while adjusted EPS was $99.50, up 19%.
Adjusted EBITDA reached $4.2 B, a 15% increase, with an adjusted EBITDA margin of 47.0% (45.8% in Q3 2024).
Declared a $9.60 per-share dividend for Q4 2025 and repurchased $0.7 B of stock in Q3, with $23.9 B of repurchase authorization remaining.
Issued Q4 2025 guidance calling for revenue growth of 10–12% (5–7% constant currency) and adjusted EBITDA of $2.0–2.1 B; full-year 2025 revenue growth expected at about 12% with EBITDA growth of 17–18%.

Oct 28, 2025, 8:02 PM

8-K

CleanCore Solutions names Matt Swann as Chief Digital Officer

BKNG

Hiring

Management Change

CleanCore Solutions has appointed Matt Swann as Chief Digital Officer of House of Doge Inc., leveraging his leadership experience at Booking.com, Amazon, StubHub, and Citi.
Swann will oversee the development of next-generation digital and payment infrastructure aimed at expanding Dogecoin’s real-world utility.
CleanCore and House of Doge plan to integrate Dogecoin across global financial, commercial, and consumer networks through collaborative initiatives.
The company’s long-term objective includes securing up to 5% of Dogecoin’s circulating supply in its Official Dogecoin Treasury.

Oct 16, 2025, 8:05 PM

Press Release

Booking Holdings outlines strategy, AI integration, and financial priorities at GS Technology Conference 2025

BKNG

Share Buyback

Dividends

New Projects/Investments

Booking reiterated its connected-trip vision, with five strategic pillars: boosting direct customer interactions (now mid-60% of B2C traffic), expanding verticals (flights +44% Q2, attractions +100% YoY), geographic growth (Asia leadership, U.S. opportunity), fintech/payments (≥70% of $100 billion+ bookings), and disciplined capital reinvestment and returns.
Consumer demand remains “steady” across regions: Europe strong, Asia rebounding after Q1 headwinds, U.S. improving but with mixed ADRs and booking-window trends, and continued income-segment bifurcation in U.S. leisure travel.
Alternative accommodations continue to outpace peers, with 8.4 million listings (+8% YoY) and 37% of room nights, having outgrown the leading competitor in 16 of the past 17 quarters.
Generative AI is deployed across customer service (lower costs, higher satisfaction), smart filters (reducing cancellations), and future agentic trip-planning, via partnerships with OpenAI, Google, Microsoft, AWS, and Salesforce.
Financial targets include expanding from ~35% EBITDA margin in 2024 by +125 bps in 2025, realizing $150 million in productivity savings this year and $300 million in 2026, generating ~$9 billion free cash flow ttm, and returning capital through dividends and buybacks with net leverage ~1×.

Sep 11, 2025, 5:10 PM

Transcript

Booking Holdings outlines connected trip strategy at Goldman Sachs conference

BKNG

Booking focuses on a connected trip vision with five strategic priorities: boosting direct B2C traffic to mid-60% levels, expanding verticals (alternative accommodations, flights +44% YoY, attractions +100% YoY), geographic growth (Asia leadership; US opportunity), payments/fintech (~70% of bookings, >$100 B in volume), and disciplined capital strategy.
Global demand is described as “steady”, with strong growth in Europe and Asia; the US market shows sequential improvement but mixed ADR trends and a bifurcated consumer, as higher-income travelers outperform lower segments.
Deploying generative AI across customer service and product features has lowered per-booking service costs, raised satisfaction, introduced smart natural-language filters to reduce cancellations, and aims to build agentic booking experiences to drive direct engagement.
Financials: achieved ~35% EBITDA margin in 2024, guiding +125 bps expansion in 2025, targeting $450 M of productivity savings through 2026, generating ~$9 B free cash flow TTM, with net leverage around 1× and returning capital via dividends and buybacks.

Sep 11, 2025, 5:10 PM

Transcript

Booking Holdings outlines strategic priorities and AI-driven growth vision

BKNG

Booking’s CFO highlighted five strategic priorities centered on the connected trip: expanding direct loyalty growth, broadening vertical offerings, pursuing geographic expansion, scaling payments/fintech, and maintaining disciplined capital reinvestment and returns.
Consumer demand remains “steady”: Europe is booking early at higher prices, Asia saw post-Q1 recovery, and the U.S. improved sequentially but faces ADR headwinds and income-segment bifurcation.
The alternative accommodations segment reached 8.4 million listings (+8% YoY) and now represents 37% of room nights, outgrowing the market leader in 16 of the past 17 quarters.
Generative AI is already reducing customer-service costs while boosting satisfaction, powering “smart filters” that lower cancellations, and laying the foundation for a fully integrated, agentic trip-planning interface.
Financially, Booking reported ~35% EBITDA margin in 2024 with a 125 bps expansion targeted for 2025, backed by $150 million of productivity savings this year, an additional $300 million in 2026, and $9 billion of LTM free cash flow, fueling dividends and buybacks.

Sep 11, 2025, 5:10 PM

Transcript

Booking Holdings outlines growth strategy and AI integration at Goldman Sachs conference

BKNG

Dividends

Share Buyback

Booking’s strategy centers on its connected trip vision: driving mid-60% direct B2C traffic, expanding verticals (flights +44% YoY, alternative accommodations now 37% of room nights) and pursuing geographic growth in Asia and the U.S.
Consumer demand is described as “steady” across regions, with strong European and Asian bookings, while U.S. demand shows sequential improvement amid narrow booking windows and lower-income segment weakness
Generative AI is being applied to customer service—lowering costs and raising satisfaction—and to in-product features like natural-language “smart filters,” reducing cancellations, while paving the way for a fully agentic booking experience
Financial discipline targets ~35% EBITDA margins (guidance +125 bps), backed by a $150 M productivity program this year and $300 M in 2026, generating $9 B free cash flow TTM and maintaining ~1× net leverage with dividends and buybacks

Sep 11, 2025, 5:10 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for Booking Holdings.